Value traps can destroy your portfolio—but the right turnaround stock can be a game changer. How do you tell the difference? On this episode of In the Money with Amber Kanwar, Paul Harris, Portfolio Manager at Harris Douglas Asset Management, explains his framework for buying underperforming stocks without getting burned. He also shares why he wants nothing to do with SpaceX at current valuations, arguing the company is priced far ahead of its fundamentals despite the excitement around the space race. The conversation also dives into Elon Musk’s biggest strengths—and what Paul believes are his biggest blind spots as an operator and capital allocator.
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The amount of out-of-office emails I got from yesterday’s note combined with very little going on should be enough to convince me to give it a rest this week. Instead I’m making it my personal mission to find you five things today – trapped in a prison of my own making.
Here are five things to know today:
June swoon: Stocks are higher going into the last trading day of the month, putting an end to a tumultuous June. It also marks the end of the first half of the year which has actually been quite terrific. Below is the scorecard:
| June | 2026 | |
| TSX | 0% | +10% |
| NASDAQ | -4% | +11% |
| S&P 500 | -2% | +8.5% |
| Gold | -11% | -7% |
| Oil | -19% | +23% |
June featured a lot of churn: tech stocks were pressured, semiconductors were volatile, and the Magnificent 7 is in correction territory. Commodities were no haven with crude oil capping off its worst quarterly loss since the pandemic. But financials and health care came to life in June in the US. Financials in Canada continued to be strong in June as they have been for much of the year. The market has endured a lot so far this year from war to price shocks. Enjoy this quiet week, who knows what the rest of the year has in store.
Recovery mode: Shares of Abivax are pumping 35% in the pre-market after the second part of it’s late stage clinical trial for a bowel disease drug reassured investors of it’s viability. Recall, the shares tanked at the beginning of June because some patients in the trial developed cancer and the company wasn’t clear about the link between the drug and the cancer discoveries. But the latest set of results showed the cancer was unrelated. Abivax plans to file for US regulatory approval in the fourth quarter of the year. This was a top idea from Sagard’s Stephen Harvey when he was on the show on May 19, in part because it is viewed as a takeout candidate.
GDP and Me: Canada’s economy rebounded stronger than expected from a technical recession according to the latest GDP data for April. GDP rose 0.5% in April and the flash estimate for May suggests continued expansion at 0.1%. Oil and gas, manufacturing and construction were all bright spots in April. “The advance estimate for May suggested GDP edged up by a further 0.1%, leaving early tracking for Q2 GDP at around 2.5%. While that would be above the Bank of Canada’s latest MPR projection for the current quarter (1.5%), it wouldn’t quite make up for the undershoot in Q1…We continue to forecast no change in the Bank of Canada’s overnight rate this year,” wrote CIBC’s Andrew Grantham.
Fertilizer show: Scotia is upgrading the fertilizer sector including Nutrien and CF Industries saying that the stocks and crop prices are all bottoming at the same time. Most of the sector is down 25-30% as investors unwind the Iran trade. “We recommend value-seeking contrarians overweight the ferts…” wrote Scotia’s Ben Isaacson in the upgrade. He also believes grain and oilseeds will pick up in pricing on severe drought risk this summer compounded by “Super El Nino” on its way.
Pipe dreams: Alberta is set to propose a new oil pipeline to the West Coast but it will not have any private sector proponents, according to the Globe and Mail. The province is preparing to send the proposal to Ottawa’s Major Projects Office which considers which projects should be greenlit on an accelerated timeline. The lack of a private sector proponent reflects a sector unwilling to risk its own capital after years of rug-pulling and cost overruns. Enbridge’s Northern Gateway and TransCanada’s Energy East were both sunk costs and ultimately never happened while TransMountain went $30 billion over budget. Despite a friendlier attitude toward the energy sector than years past, this shows that companies still bear the scars. We will have a robust discussion about what private sector involvement could look like with Greg Ebel, CEO of Enbridge next week when we are at Stampede! Stay tuned!
Don’t miss our next episode! It was Canada’s biggest mining IPO since 2010, we speak with the CEO of Lumina Metals.
